MALAYSIA: Petronas Gas to invest RM8.1 billion to expand Malacca LNG plant

(EnergyAsia, May 21 2013, Tuesday) — Malaysia, the world’s second largest liquefied natural gas (LNG) exporter, has allocated RM8.1 billion to expand its first import and regasification terminal in the western Malacca state over the next five years. (US$1=RM3). Faced with rising domestic energy demand, state-owned Petronas has found itself in a curious position to...

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VIETNAM: Talisman Energy starts oil production from offshore fields

(EnergyAsia, May 21 2013, Tuesday) — Canada’s Talisman Energy Inc said it expects to boost oil production at its two new offshore fields in Vietnam to 15,000 b/d once the facilities are fully commissioned. The Hai Su Trang and Hai Su Den (HST/HSD) fields are located within Block 15-2/01, about 75 km off the coast (more…)

CHINA: Sinopec’s Hong Kong units raised HK$13.9 billion in IPO and HK$2.68 billion in new share sale

(EnergyAsia, May 21 2013, Tuesday) — Sinopec Engineering, a unit of China’s largest oil refiner, raised HK$13.944 billion or nearly US$1.8 billion by selling 1.328 billion shares in an initial public offering in Hong Kong last week. (US$1=HK$7.76). Priced at HK$10.50 each, shares of the engineering and construction company were 29 times subscribed, with retailer...

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SHIPPING: Invoicing error sees shipbroker saddled with bill for bunker supply

(EnergyAsia, May 20 2013, Monday) — ITIC, the Thomas Miller subsidiary providing professional indemnity insurance, has revealed how an invoicing error led to a shipbroker being asked to pay the bill for a bunker supply amounting to more than three-quarters of a million dollars. In its latest Claims Review, ITIC cites the case of a (more…)

JAPAN: Cheaper LNG supplies from two US projects as early as 2017 following Department of Energy export approval

(EnergyAsia, May 20 2013, Monday) — Japan could be importing lower cost liquefied natural gas (LNG) from the US as early as 2017 following the Department of Energy’s latest decision to approve additional exports to friendly countries that do not have free trade agreements with Washington DC. The department announced last week that it had...

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SINGAPORE: Siemens and Diamond Energy launch pilot project to help companies cut power bill

(EnergyAsia, May 20 2013, Monday) — Two companies have launched a pilot project to help large companies reduce their electricity expenses by slashing or shifting their power consumption during peak demand periods in exchange for payments. Germany’s Siemens and Diamond Energy, a local electricity wholesaler, expect to start their demand response (DR) service at the (more…)

CHINA: CNPC starts construction of 817-km link as part of Third West-East gas pipeline

(EnergyAsia, May 20 2013, Monday) — China National Petroleum Corp (CNPC) will expand the capacity of its Third West-East gas pipeline when it completes an 817-km link with the capacity to carry 15 billion cubic metres of natural gas a year. The company said it began building the 13.4-billion yuan pipeline linking Ji’an city in...

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COMPANY: Finland’s Wartsila to supply integrated solutions for new series of environmentally sustainable LNG carriers

(EnergyAsia, May 17 2013, Friday) — Wartsila, the Finland-based provider of marine solutions and services provider, said it has received an order to supply a comprehensive solutions package for a series of liquefied natural gas (LNG) carriers being built for Danish operator Evergas, a leading transporter of petrochemical gases and natural gas liquids. Wartsila said (more…)

IRAN: IOTC plans to build country’s second largest oil terminal in Jusk

(EnergyAsia, May 17 2013, Friday) — Iran Oil Terminal Company (IOTC) said it plans to build a 20-million-barrel oil storage terminal in Jusk on the coast of the Oman Sea. Managing director Seyyed Priouz Mousavi said the company has completed engineering studies on what would be Iran’s second largest oil terminal if it succeeds in...

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MARKETS: Oil prices under pressure from slow growth and rising supply, says Ernst & Young

(EnergyAsia, May 17 2013, Friday) —Uncertainty over the global oil demand outlook combined with strong non-OPEC supply growth is putting downward pressure on oil prices with possible impact on investment decisions in the short-term, said Ernst & Young. In the absence of any supply or geopolitical shocks, oil prices will be swayed by economic data, (more…)

INDIA: ONGC expected to fail in bids for Kazakhstan, Mozambique stakes

(EnergyAsia, May 17 2013, Friday) — India’s leading state upstream company ONGC is steeling itself for defeat in its bid to acquire oil and gas stakes in Kazakhstan and Mozambique. The debt-laden company appears to be losing New Delhi’s support for its proposed US$5 billion take-out of ConocoPhillips’ 8.4% stake in the giant Kashagan oil...

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SRI LANKA: Colombo wants local participation in operation of oil terminal

(EnergyAsia, May 16 2013, Thursday) — The Sri Lankan government is seeking local participation in the operation of the increasingly important Trincomalee oil storage terminal in the northeastern corner of the island. Indian Oil Corp bought a one-third stake in Ceylon Petroleum Storage Terminals Ltd in 2003 on the understanding that its subsidiary, Lanka IOC...

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MARKETS: IEA predicts “supply shock” from rising North American oil production

(EnergyAsia, May 16 2013, Thursday) — Rising North American oil production over the next five years will inflict a “supply shock” that will prove as transformative of the global markets as Chinese demand over the last 15, said the International Energy Agency (IEA). In its latest annual Medium-Term Oil Market Report (MTOMR), the agency predicts (more…)

CHINA: Increased oil and gas supplies from Mexico, Kazakhstan and Turkmenistan

(EnergyAsia, May 16 2013, Thursday) — China is preparing to import more oil from Mexico and Kazakhstan, and natural gas from Turkmenistan. Mexico’s state-owned Pemex last month signed a two-year agreement with Sinopec for the supply of 30,000 b/d of crude oil, while CNPC will raise oil imports from Kazakhstan’s KazMunaiGas and natural gas from...

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US: Shale oil reserves more than doubled with inclusion of Three Forks formation

(EnergyAsia, May 15 2013, Wednesday) — The US government has more than doubled its estimate of the size of undiscovered technically recoverable shale oil reserves as well as tripled those of natural gas and natural gas liquids in the nation’s central northwestern region. The US Geological Survey (USGS) said the region holds 7.38 billion barrels...

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QATAR: Chiyoda-CTCI awarded contract for development of second Laffan condensate refinery

(EnergyAsia, May 15 2013, Wednesday) — Qatar has awarded a consortium comprising Japan’s Chiyoda Corp and Taiwan’s CTCI Corp the contract for the engineering, procurement, supply, construction and commissioning (EPSCC) of a second condensate refinery at its Ras Laffan Industrial City. When completed in 2016, the 146,000 b/d Laffan Refinery 2 (LR 2) project will (more…)

QATAR: Exxon, Qatar Petroleum to proceed with building US$10 billion LNG export plant in Texas

(EnergyAsia, May 15 2013, Wednesday) — A US company jointly owned by Exxon Mobil Corp and Qatar Petroleum International has announced it will proceed to build a US$10 billion in a liquefied natural gas (LNG) export plant in Sabine Pass in Texas state. Golden Pass Products LLC said its shareholders have signed a commercial agreement for (more…)

CHINA: Coal shut-down in Sichuan province after blast killed 28 miners

(EnergyAsia, May 15 2013, Wednesday) — The Chinese government has ordered the of shut-down of all coal mining operations in southwestern Sichuan province after an explosion at the Taozigou mine killed 28 workrs and injured 18 others. The incident underlines the poor safety record at Chinese coal mines which has prompted the provincial government to...

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INDIA: Government to sell another 10% stake in Coal India Limited

(EnergyAsia, May 14 2013, Tuesday) — The Indian government has agreed to a further sale of its Coal India Limited (CIL) shares, paring down its holding from 90% to 80%. An Inter-Ministerial Group (IMG) has approved the sale of more than 600 million shares that it hopes will contribute at least 180 billion rupees to...

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SINGAPORE: SGX and China Beijing International Mining Exchange to jointly develop iron ore market

(EnergyAsia, May 14 2013, Tuesday) — Singapore Exchange said it has signed a memorandum of understanding (MOU) with China Beijing International Mining Exchange (CBMX) to jointly develop iron ore trading to serve the Chinese and international markets. SGX President Magnus Bocker and CBMX President Dong Chaobin signed the agreement at Singapore Iron Ore Week 2013 (more…)

COMPANY: Chevron Oronite makes record high investment in four projects to expand global reach, drive growth

(EnergyAsia, May 14 2013, Tuesday) — US-based Chevron Oronite said its record-high investments in Singapore and France will “significantly strengthen” its supply chain and position the company for further growth. The company is simultaneously undertaking two projects at its Jurong Island site in Singapore and another two to expand the Gonfreville plant in France. In (more…)

AUSTRALIA: Coal lobby accuses Greenpeace of “attempting to hijack” the economy

(EnergyAsia, May 14 2013, Tuesday) — The Australian Coal Association (ACA) has accused Greenpeace of threatening the nation’s economy and future prosperity by trying to destroy the coal industry In hitting out at the green lobby’s “unrelenting campaign” which includes civil disobedience, Nikki Williams, said “the Australian people have not given Greenpeace a veto over...

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INDIA: Law minister forced to resign over coal scandal, railway minister out too

(EnergyAsia, May 13 2013, Monday) — India’s coal-induced energy crisis is evolving into a political disaster for the ruling Congress Party after two Cabinet ministers resigned over corruption issues. Law Minister Ashwani Kumar was put to the sword after allegations he had tried to influence a key report by the Central Bureau of Investigation (CBI)...

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MONGOLIA: Samsung C&T awarded US$483 million contract to build coal rail infrastructure

(EnergyAsia, May 13 2013, Monday) — South Korea’s Samsung C&T Corp said it has secured a US$483 million order from the Mongolia Railway Authority to build a network of 217 km of rail infrastructure that will largely serve the coal industry in the landlocked country bordering Russia and China. Samsung C&T said the infrastructure comprising...

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AUSTRALIA: CNOOC to buy part of BG Group stake in LNG project for US$1.93 billion, reimburse expenses

(EnergyAsia, May 13 2013, Monday) — UK-based natural gas company BG Group PLC said it has signed new agreements with China National Offshore Oil Corporation (CNOOC) pertaining to the Queensland Curtis LNG (QCLNG) project in Australia. As part of the new deal, BG Group will sell “certain interests” in upstream coal seam gas tenements in (more…)